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Last edited by mslea; 03-13-2012 at 02:49 PM.





IRS law says that if you are an independent business person and earned more than $600 in 2011 you must file a tax return. This isn't negotiable. True that you may not owe much in taxes on the relatively low amount of 2011 income you earned.
There is no way to independently verify that StreaMates or other payers did or did not send 1099 forms to the IRS with your name and SS# listed on them. The only unofficial record of a 1099 form will come to you via snail mail to whatever address the payer was given.
Indeed there is a possibility that a club where you have worked could come under investigation in the future. This could potentially provide access to club records showing working hours / payout particulars for dancers who have worked at that club.
Is it really that risky to NOT claim itemized deductions if you are self employed?
My tax lady said you must always claim itemized deduction is you are self employed or else that looks sketchy!
However, I dont want to caim itemized deductions becuase I want to file as "consultant" or "graphic designer" and thath would not match up with costume and stripper shoes deductions!





Actually, I do have a question about that. Supposed you have 2-3 different careers. Lets just say... dancing, camming, makeup artistry. You can only select one job title. How do you itemize all those deductions without it looking weird?


Entertainer could be anything is go with that





You can use separate Schedule Cs if you feel so inclined. Or, you can form a LLC or corporation and file an informational return for all your businesses. Separate LLCs or corporations are possible too. Then you just include the bottom line figure on your 1040. Many ways to skin that cat.
HTH
Z





agreed that separate Schedule C's for each type of business will be less audit prone than one Schedule C that is a hodge-podge of different earnings sources and different business expense tax deductions.
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